Thursday, March 17, 2011

Schwartz Receives BIO Award

from the inbox:

U.S. Rep. Allyson Schwartz received Pennsylvania Bio's prestigious Federal Public Official of the Year award yesterday evening in recognition of her efforts to advance health care innovation, biotechnology and the life sciences at their Annual Dinner and Awards Celebration in Philadelphia.

Pennsylvania Bio, the only statewide association in the Commonwealth dedicated to advancing the bioscience cause, was established to ensure Pennsylvania remains the global leader in the biosciences by creating a cohesive statewide community that unites the Commonwealth’s biotechnology, medical device, diagnostic, pharmaceutical, research, and financial strengths.

“I am very honored to receive this award because I share PA Bio’s commitment to recognizing, promoting and growing biotechnology in Pennsylvania and across the nation,” Schwartz said. “Supporting more than 80,000 jobs in Pennsylvania alone, this fast-growing industry is a key component of growing the economy of the future. From scientists and business leaders to doctors and researchers, every single day critical work is done in Pennsylvania in the field of biotechnology. We know firsthand that Pennsylvania’s biotechnology companies are transforming the field of medicine by developing life-saving cures and groundbreaking new and improved medicines. I am committed to ensuring that our companies are able to compete and grow in a 21st century economy.”

“Pennsylvania Bio is honored to name Congresswoman Allyson Schwartz as our Federal Public Official of the Year award recipient,” said Christopher P. Molineaux, President of Pennsylvania Bio. “Congresswoman Schwartz has long been an ardent supporter of the life sciences industry providing guidance and support in Washington D.C. for the companies and employees in Pennsylvania, especially those in the greater Philadelphia region, working daily to address unmet medical needs globally. Additionally, the Congresswoman recognizes the positive economic impact our industry has on the region and continues to push for policies and legislation that allow our industry to continue having a positive global impact.”

“Congresswoman Schwartz is a national leader in developing and championing public policies that promote the continued success of America’s life sciences sector,” said Jim Greenwood, President and CEO of Biotechnology Industry Organization (BIO). “Her efforts have helped pave the way for the research and development of breakthrough new therapies for patients and renewable energy sources while driving job growth in the life sciences across the nation. We particularly applaud Representative Schwartz’s leadership on the Therapeutic Discovery Project Program, which provided much-needed capital to small biotech companies working on promising research. We congratulate her on this well-deserved award.”

BIO is the world's largest biotechnology organization, providing advocacy, business development and communications services for more than 1,100 members worldwide. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products.

Congresswoman Schwartz has a well earned reputation as one of Congress’ most influential leaders on biotechnology. One of her key legislative initiatives was a groundbreaking tax credit to help promote innovation. The Therapeutic Discovery Project Program – a $1 billion tax credit program for small biotech companies – encourages investment in new therapies that treat diseases. By offering small biotech companies (less than 250 employees) a tax credit or grant it encourages investment in new medical therapies for life-saving diseases. This program is already providing small biotech businesses in Southeastern Pennsylvania and across the country with much-needed capital to bring their innovative treatments to the marketplace.

Because of the Therapeutic Tax Credit:

* Nearly 3,000 U.S. companies received federal tax credits to create new therapies, new devices, and new cures;
* 158 companies in Pennsylvania received more than $48 million in grants; and
* Four companies in the Commonwealth got the advantage of $1.22 million in tax credits.

In the 111th Congress, after years of static resources, Schwartz worked to add:

* $10 billion to National Institutes of Health for basic research;
* $19 billion for Health Information Technology; and
* $1 billion in tax credits and grants to support development of new medical therapies by small biotech companies.

Additional Leadership by Schwartz on Biotechnology:

· Introduced the GREEN JOB Act to encourage the next generation of biofuels.

· Introduced the Life Sciences Jobs and Investment Act of 2010, which provides tax incentives for small and mid-sized businesses to invest in life sciences research and development on a targeted basis.

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